The Philippines’ 40 Richest (Forbes)

TYCOON Henry S. Sy, Sr., the man behind the SM Group of Companies, has retained his position as the country’s richest man, according to Forbes’ annual Philippines’ 40 Richest List.

Mr. Sy, 87, chairman of conglomerate SM Investments Corp., and his family saw their net worth climb to $9.1 billion this year from $7.2 billion last year, Forbes said.

Still in second place was Lucio C. Tan, 77, of Philip Morris Fortune Tobacco Corp. and Tanduay Holdings, Inc. who with his family nonetheless saw their net worth jump to $4.5 billion from $2.8 billion.

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The biggest gainer was Enrique K. Razon, Jr. of International Container Terminal Services, Inc., whose net worth more than doubled to $3.6 billion from $1.6 billion for a third place showing, up from 7th last year.

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Orlando CalundanOrlando Calundan is a CPA who has exposures in FS audit of entities in various industries such as real estate, food/restaurants, manufacturing, service organizations and BPOs, automotive, holding/investment companies and more. He also has exposure on internal audit engagements.